Equity-Based Compensation - Summary of Restricted Units (Details) - Restricted Stock Units [Member]	6 Months Ended
	Jun. 30, 2026 $ / shares shares
Number of Units
Outstanding, beginning (in shares) \| shares	3,283,939
Granted (in shares) \| shares	1,480,611
Vested (in shares) \| shares	(918,916)
Forfeited (in shares) \| shares	(246,888)
Outstanding, end (in shares) \| shares	3,598,746
Weighted Average Grant Date Fair Value
Outstanding, beginning (in dollars per share) \| $ / shares	$ 25.5
Granted (in dollars per share) \| $ / shares	47.4
Vested (in dollars per share) \| $ / shares	23.18
Forfeited (in dollars per share) \| $ / shares	26.04
Outstanding, end (in dollars per share) \| $ / shares	$ 35.07

Nature of the Business	6 Months Ended
Jun. 30, 2026
Nature of the Business
Nature of the Business	1. Nature of the Business Scholar Rock Holding Corporation and its subsidiaries (collectively, the “Company”) is a global biopharmaceutical company dedicated to improving the lives of children and adults with spinal muscular atrophy (“SMA”) and additional rare, severe and debilitating neuromuscular diseases. As a leader in the biology of the transforming growth factor beta (“TGFβ”) superfamily, the Company’s novel understanding of the molecular mechanisms of growth factor activation enabled the development of a proprietary platform for the discovery and development of monoclonal antibodies that locally and selectively target the precursor, or latent, forms of growth factors. Based on the Company’s innovative, proprietary, and scalable technology platform, the Company is building a world-leading anti-myostatin pipeline. The Company’s lead product candidates include apitegromab, a subcutaneous formulation of apitegromab, and SRK-439. Apitegromab is a novel, investigational, fully human monoclonal antibody that inhibits myostatin activation by selectively binding the pro- and latent forms of myostatin in skeletal muscle. Myostatin is a catabolic agent that functions as a negative regulator of muscle mass, therefore inhibition of myostatin results in increased muscle mass and strength. Apitegromab is in development for the treatment of people with SMA and for the treatment of people with facioscapulohumeral muscular dystrophy (“FSHD”). Positive data from the successful Phase 3 SAPPHIRE study evaluating apitegromab in children and adults with SMA was reported in October 2024. The Company submitted a U.S. Biologics License Application (“BLA”) to the U.S. Food and Drug Administration (“FDA”) in January 2025 and the BLA was granted priority review designation. In September 2025, the Company received a Complete Response Letter (“CRL”) from the FDA related to observations identified during an FDA inspection of a third-party fill-finish facility. The facility was issued a Form 483 by the FDA in July 2025 and the inspection classification of this facility is official action indicated (“OAI”). The observations were related to the facility and were not specific to apitegromab. The CRL did not cite any other approvability concerns, including apitegromab’s efficacy and safety data or the third-party drug substance manufacturer. In November 2025, the Company completed an in-person Type A meeting with the FDA that included participation of representatives from the third-party fill-finish facility. Also in November 2025, the third-party fill-finish facility received a Warning Letter from the FDA. The Company resubmitted the apitegromab BLA in March 2026 with two fill-finish facilities included, which was accepted by the FDA with a September 30, 2026 Prescription Drug User Fee Act (“PDUFA”) action date. In March 2025, the Company submitted to the European Medicines Agency (“EMA”) and received validation of its marketing authorisation application (“MAA”) for apitegromab for the treatment of SMA. If apitegromab is approved by the FDA or EMA, the Company expects to initiate a commercial product launch in the applicable jurisdictions upon approval. The Company continues to develop apitegromab in SMA with its ongoing long-term extension ONYX trial and its Phase 2 OPAL trial in SMA patients under two years of age, which was initiated in the third quarter of 2025. Additionally, the Company is evaluating apitegromab in patients with FSHD with its Phase 2 FORGE trial, which was initiated in the second quarter of 2026. In addition to the current intravenous (“IV”) formulation, the Company is developing a subcutaneous (“SC”) formulation of apitegromab. A Phase 1 study in healthy volunteers has been completed and demonstrated that SC apitegromab has favorable bioavailability and a comparable pharmacodynamic profile relative to IV administered apitegromab. Further development activities are ongoing, including planned FDA and EMA regulatory engagements following potential apitegromab approvals. The Company’s clinical-stage pipeline also includes SRK-439, a novel, investigational, subcutaneously administered fully human anti-pro/latent myostatin antibody that has high inhibitory potency while maintaining selectivity towards myostatin. SRK-439 is being developed for the treatment of patients with rare, severe, and debilitating neuromuscular diseases. A Phase 1 study of SRK-439 in healthy volunteers is currently underway, with topline data anticipated in the second half of 2026. As the Company focuses its strategy on rare neuromuscular diseases, the Company is currently seeking partnerships for its additional programs. These programs include: SRK-181, a Phase 2-ready investigational inhibitor of latent TGFβ1 in development for the treatment of patients with solid tumors that are resistant to anti-PD-(L)1 antibody therapies; SRK-373, an investigational, highly selective inhibitor of the latent TGFβ1 isoform with selective activity in the fibrotic extracellular matrix, in preclinical development for the treatment of fibrotic diseases; and SRK-256, an investigational inhibitor of RGMc, or hemojuvelin, in preclinical development for the treatment of iron-restricted anemias. The Company is also seeking partners to further evaluate the potential for myostatin inhibition in combination with GLP-1 weight loss approaches following its positive Phase 2 EMBRAZE study, demonstrating proof-of-concept in the ability of apitegromab to drive statistically significant preservation of lean mass during tirzepatide-induced weight loss. Beyond these clinical-stage product candidates, the Company’s early-stage pipeline includes additional preclinical programs intended for the treatment of patients with rare, severe, and debilitating neuromuscular diseases. The Company was originally formed in May 2012 and has principal offices in Cambridge, Massachusetts. Since its inception, the Company’s operations have focused on research and development of monoclonal antibodies that selectively inhibit activation of growth factors for therapeutic effect, as well as establishing the Company’s intellectual property portfolio, performing research and development activities and developing commercialization capabilities to support product sales, marketing and distribution activities. The Company has primarily financed its operations through various equity financings, the exercise of stock options and warrants, as well as research and development collaboration agreements and the Company’s debt facility (Note 11). Revenue generation activities have been limited to two collaborations, both containing research services and the issuance of a license. No revenues have been recorded from the sale of any commercial product. The Company is subject to a number of risks similar to other life science companies, including, but not limited to, successful discovery and development of its drug candidates, raising additional capital, development by its competitors of new technological innovations, protection of proprietary technology and regulatory approval and market acceptance of the Company’s product candidates. The Company anticipates that it will continue to incur significant operating losses for the next several years as it continues to develop and seek regulatory approval for its product candidates. The Company believes that its existing cash, cash equivalents and marketable securities as of June 30, 2026 will be sufficient to allow the Company to fund its current operations through at least a period of one year after the date these financial statements are issued.

Nature of the Business

6 Months Ended

Jun. 30, 2026

Nature of the Business

Nature of the Business

1. Nature of the Business

Scholar Rock Holding Corporation and its subsidiaries (collectively, the “Company”) is a global biopharmaceutical company dedicated to improving the lives of children and adults with spinal muscular atrophy (“SMA”) and additional rare, severe and debilitating neuromuscular diseases. As a leader in the biology of the transforming growth factor beta (“TGFβ”) superfamily, the Company’s novel understanding of the molecular mechanisms of growth factor activation enabled the development of a proprietary platform for the discovery and development of monoclonal antibodies that locally and selectively target the precursor, or latent, forms of growth factors. Based on the Company’s innovative, proprietary, and scalable technology platform, the Company is building a world-leading anti-myostatin pipeline.

The Company’s lead product candidates include apitegromab, a subcutaneous formulation of apitegromab, and SRK-439.

Apitegromab is a novel, investigational, fully human monoclonal antibody that inhibits myostatin activation by selectively binding the pro- and latent forms of myostatin in skeletal muscle. Myostatin is a catabolic agent that functions as a negative regulator of muscle mass, therefore inhibition of myostatin results in increased muscle mass and strength. Apitegromab is in development for the treatment of people with SMA and for the treatment of people with facioscapulohumeral muscular dystrophy (“FSHD”).

Positive data from the successful Phase 3 SAPPHIRE study evaluating apitegromab in children and adults with SMA was reported in October 2024. The Company submitted a U.S. Biologics License Application (“BLA”) to the U.S. Food and Drug Administration (“FDA”) in January 2025 and the BLA was granted priority review designation. In September 2025, the Company received a Complete Response Letter (“CRL”) from the FDA related to observations identified during an FDA inspection of a third-party fill-finish facility. The facility was issued a Form 483 by the FDA in July 2025 and the inspection classification of this facility is official action indicated (“OAI”). The observations were related to the facility and were not specific to apitegromab. The CRL did not cite any other approvability concerns, including apitegromab’s efficacy and safety data or the third-party drug substance manufacturer. In November 2025, the Company completed an in-person Type A meeting with the FDA that included participation of representatives from the third-party fill-finish facility. Also in November 2025, the third-party fill-finish facility received a Warning Letter from the FDA. The Company resubmitted the apitegromab BLA in March 2026 with two fill-finish facilities included, which was accepted by the FDA with a September 30, 2026 Prescription Drug User Fee Act (“PDUFA”) action date. In March 2025, the Company submitted to the European Medicines Agency (“EMA”) and received validation of its marketing authorisation application (“MAA”) for apitegromab for the treatment of SMA. If apitegromab is approved by the FDA or EMA, the Company expects to initiate a commercial product launch in the applicable jurisdictions upon approval.

The Company continues to develop apitegromab in SMA with its ongoing long-term extension ONYX trial and its Phase 2 OPAL trial in SMA patients under two years of age, which was initiated in the third quarter of 2025. Additionally, the Company is evaluating apitegromab in patients with FSHD with its Phase 2 FORGE trial, which was initiated in the second quarter of 2026.

In addition to the current intravenous (“IV”) formulation, the Company is developing a subcutaneous (“SC”) formulation of apitegromab. A Phase 1 study in healthy volunteers has been completed and demonstrated that SC apitegromab has favorable bioavailability and a comparable pharmacodynamic profile relative to IV administered apitegromab. Further development activities are ongoing, including planned FDA and EMA regulatory engagements following potential apitegromab approvals.

The Company’s clinical-stage pipeline also includes SRK-439, a novel, investigational, subcutaneously administered fully human anti-pro/latent myostatin antibody that has high inhibitory potency while maintaining selectivity towards myostatin. SRK-439 is being developed for the treatment of patients with rare, severe, and debilitating neuromuscular diseases. A Phase 1 study of SRK-439 in healthy volunteers is currently underway, with topline data anticipated in the second half of 2026.

As the Company focuses its strategy on rare neuromuscular diseases, the Company is currently seeking partnerships for its additional programs. These programs include: SRK-181, a Phase 2-ready investigational inhibitor of latent TGFβ1 in development for the treatment of patients with solid tumors that are resistant to anti-PD-(L)1 antibody therapies; SRK-373, an investigational, highly selective inhibitor of the latent TGFβ1 isoform with selective activity in the fibrotic extracellular matrix, in preclinical development for the treatment of fibrotic diseases; and SRK-256, an investigational inhibitor of RGMc, or hemojuvelin, in preclinical development for the treatment of iron-restricted anemias. The Company is also seeking partners to further evaluate the potential for myostatin inhibition in combination with GLP-1 weight loss approaches following its positive Phase 2 EMBRAZE study, demonstrating proof-of-concept in the ability of apitegromab to drive statistically significant preservation of lean mass during tirzepatide-induced weight loss.

Beyond these clinical-stage product candidates, the Company’s early-stage pipeline includes additional preclinical programs intended for the treatment of patients with rare, severe, and debilitating neuromuscular diseases. The Company was originally formed in May 2012 and has principal offices in Cambridge, Massachusetts.

Since its inception, the Company’s operations have focused on research and development of monoclonal antibodies that selectively inhibit activation of growth factors for therapeutic effect, as well as establishing the Company’s intellectual property portfolio, performing research and development activities and developing commercialization capabilities to support product sales, marketing and distribution activities. The Company has primarily financed its operations through various equity financings, the exercise of stock options and warrants, as well as research and development collaboration agreements and the Company’s debt facility (Note 11).

Revenue generation activities have been limited to two collaborations, both containing research services and the issuance of a license. No revenues have been recorded from the sale of any commercial product.

The Company is subject to a number of risks similar to other life science companies, including, but not limited to, successful discovery and development of its drug candidates, raising additional capital, development by its competitors of new technological innovations, protection of proprietary technology and regulatory approval and market acceptance of the Company’s product candidates. The Company anticipates that it will continue to incur significant operating losses for the next several years as it continues to develop and seek regulatory approval for its product candidates.

The Company believes that its existing cash, cash equivalents and marketable securities as of June 30, 2026 will be sufficient to allow the Company to fund its current operations through at least a period of one year after the date these financial statements are issued.

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jun. 30, 2026
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Equity-Based Compensation - Summary of Stock Options (Details) - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended		12 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025
Stock options
Weighted average grant date fair value (in dollars per share)	$ 39.18	$ 28.84
Employee Stock Option
Number of Units
Outstanding, beginning (in shares)	7,845,460
Granted (in shares)	527,488
Exercised (in shares)	(1,347,368)
Cancelled (in shares)	(339,197)
Outstanding, end (in shares)	6,686,383		7,845,460
Options exercisable, end (in shares)	3,599,310
Weighted Average Exercise Price
Outstanding, beginning (in dollars per share)	$ 21.06
Granted (in dollars per share)	47.03
Exercised (in dollars per share)	12.49
Cancelled (in dollars per share)	31.53
Outstanding, end (in dollars per share)	24.31		$ 21.06
Options exercisable, end (in dollars per share)	$ 19.26
Stock options
Weighted average remaining contractual term	7 years 2 months 26 days		6 years 8 months 19 days
Weighted average remaining contractual term, exercisable	6 years 25 days
Aggregate intrinsic value, beginning	$ 185,525
Aggregate intrinsic value, end	206,526		$ 185,525
Aggregate intrinsic value, exercisable	$ 129,933

Accrued Expenses

6 Months Ended

Jun. 30, 2026

Accrued Expenses

Accrued Expenses

6. Accrued Expenses

At June 30, 2026 and December 31, 2025, accrued expenses consist of the following (in thousands):


	As of
	June 30,		December 31,
	2026		2025
Accrued external research and development expense	$	24,580	$	14,205
Accrued payroll and related expenses		20,033		20,114
Accrued professional services expense		9,206		3,829
Accrued other		1,112		1,418
	$	54,931	$	39,566

Marketable Securities (Tables)

6 Months Ended

Jun. 30, 2026

Marketable Securities

Summary of investments

The following table summarizes the Company’s investments as of June 30, 2026 (in thousands):


			Gross
	Amortized		Unrealized					Estimated
	Cost		Gains		Losses			Fair Value
Marketable securities available-for-sale:
U.S. treasury obligations and government agency securities	$	55,010	$	5	$	(18	)	$	54,997
Total available-for-sale securities	$	55,010	$	5	$	(18	)	$	54,997

The following table summarizes the Company’s investments as of December 31, 2025 (in thousands):


			Gross
	Amortized		Unrealized				Estimated
	Cost		Gains		Losses		Fair Value
Marketable securities available-for-sale:
U.S. treasury obligations and government agency securities	$	43,940	$	96	$	—	$	44,036
Total available-for-sale securities	$	43,940	$	96	$	—	$	44,036

Leases (Tables)

6 Months Ended

Jun. 30, 2026

Leases

Schedule of Other Information Related to The Leases Cost

Other information related to the leases are as follows (in thousands, except lease term and discount rate):


		Three Months Ended June 30,					Six Months Ended June 30,
		2026			2025		2026		2025
Lease cost:
Operating lease cost	$		1,807	$		1,714	$	3,617	$	3,428
Variable lease cost			407			380		855		772
Total lease cost	$		2,214	$		2,094	$	4,472	$	4,200


	Six Months Ended June 30,
	2026			2025
Other information:
Operating cash flows used for operating leases	$	3,366		$	4,101
Weighted average remaining lease term		1.5			2.2
Weighted average incremental borrowing rate		11.8	%		13.1	%

Equity-Based Compensation (Additional Information) (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
RSUs
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Vested fair value	$ 42.9	$ 40.7
PSUs
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Vested fair value	12.0	0.0
Stock options
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Equity-based compensation expense	$ 0.3	$ 13.0

Fair Value of Financial Assets and Liabilities - Schedule of summary of the assets and liabilities measured at fair value on a recurring basis (Details) - Recurring - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Marketable securities:
U.S. treasury obligations and government agency securities	$ 54,997	$ 44,036
Total assets	472,020	353,125
Money market funds
Assets:
Cash and cash equivalents	217,532	309,089
U.S. Treasury obligations
Assets:
Cash and cash equivalents	199,491
Level 1
Marketable securities:
U.S. treasury obligations and government agency securities	54,997	44,036
Total assets	472,020	353,125
Level 1 \| Money market funds
Assets:
Cash and cash equivalents	217,532	$ 309,089
Level 1 \| U.S. Treasury obligations
Assets:
Cash and cash equivalents	$ 199,491

- Definition

Fair value portion of investment securities, including, but not limited to, marketable securities, derivative financial instruments, and investments accounted for under the equity method.

+ References + Details

Accrued Expenses (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Accrued Expenses
Accrued external research and development expense	$ 24,580	$ 14,205
Accrued payroll and related expenses	20,033	20,114
Accrued professional services expense	9,206	3,829
Accrued other	1,112	1,418
Accrued expenses	$ 54,931	$ 39,566

Marketable Securities - Summary of Investments (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Marketable securities available-for-sale
Amortized Cost	$ 55,010	$ 43,940
Gross Unrealized Gains	5	96
Gross Unrealized Losses	(18)	0
Estimated Fair Value	54,997	44,036
U.S. treasury obligations and government agency securities
Marketable securities available-for-sale
Amortized Cost	55,010	43,940
Gross Unrealized Gains	5	96
Gross Unrealized Losses	(18)	0
Estimated Fair Value	$ 54,997	$ 44,036

- Definition

Amount of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

+ References

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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 4: http://www.xbrl.org/2003/role/exampleRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Fair Value of Financial Assets and Liabilities (Additional Information) (Details)	6 Months Ended
	Jun. 30, 2026 USD ($)
Fair Value of Financial Assets and Liabilities
Transfer of assets between fair value measurement levels	$ 0

Summary of Significant Accounting Policies

6 Months Ended

Jun. 30, 2026

Summary of Significant Accounting Policies

Summary of Significant Accounting Policies

2. Summary of Significant Accounting Policies

Summary of Significant Accounting Policies

The significant accounting policies used in preparation of the unaudited condensed consolidated financial statements are described in the Company’s audited consolidated financial statements as of and for the year ended December 31, 2025, and the notes thereto, which are included in the Company’s Annual Report on Form 10-K. There have been no material changes to the significant accounting policies previously disclosed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025.

Unaudited Interim Financial Information

The condensed consolidated financial statements of the Company included herein have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). The unaudited condensed consolidated financial statements include the accounts of Scholar Rock Holding Corporation and its wholly owned subsidiaries. All intercompany transactions and balances have been eliminated in consolidation. In the opinion of management, the information furnished reflects all adjustments, all of which are of a normal and recurring nature, necessary for a fair presentation of the results for the reported interim periods. The Company considers events or transactions that occur after the balance sheet date but before the financial statements are issued to provide additional evidence relative to certain estimates or to identify matters that require additional disclosure. The results of operations for interim periods are not necessarily indicative of results to be expected for the full year or any other interim period.

Use of Estimates

The preparation of financial statements in accordance with accounting principles generally accepted in the U.S. (“GAAP”) requires management to make estimates and judgments that may affect the reported amounts of assets and liabilities and related disclosures of contingent assets and liabilities at the date of the financial statements and the related reporting of revenues and expenses during the reporting period. Management bases its estimates on historical experience and on various assumptions that are believed to be reasonable under the circumstances. Actual results could differ from those estimates.

Cash, Cash Equivalents and Restricted Cash

The following table reconciles cash, cash equivalents and restricted cash per the balance sheet to the statement of cash flows (in thousands):


	As of June 30,
	2026		2025
Cash and cash equivalents	$	437,091	$	152,925
Restricted cash		3,807		2,407
	$	440,898	$	155,332

The Company’s restricted cash is associated with a letter of credit related to its lease at 301 Binney Street in Cambridge, Massachusetts and a collateral account associated with its corporate credit card program.

Recently Issued Accounting Pronouncements

In November 2024, the FASB issued ASU No. 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses (“ASU 2024-03”), and in January 2025, the FASB issued ASU No. 2025-01, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date. ASU 2024-03 requires additional disclosure of the nature of expenses included in the income statement as well as disclosures about specific types of expenses included in the expense captions presented in the income statement. ASU 2024-03, as clarified by ASU 2025-01, is effective for public companies for annual periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Early adoption is permitted. The Company is still evaluating the impact on its disclosures in future years as a result of the adoption of ASU 2024-03.

Segment Reporting (Tables)

6 Months Ended

Jun. 30, 2026

Segment Reporting

Summary of Operating Segment Expenses

The following table presents significant expense information about the Company’s operating segment (in thousands):


		Three Months Ended June 30,						Six Months Ended June 30,
		2026		2025			2026			2025
Operating expenses:
Employee related expense(1)	$		37,445	$	32,484		$		74,971	$	55,422
External R&D expense - apitegromab			22,948		27,956				43,209		47,257
External R&D expense - SRK-181			9		792				45		1,902
External R&D expense - SRK-439			3,760		2,575				5,519		6,854
External R&D expense - Early research and other			1,610		2,227				2,820		3,682
External expense - G&A			16,597		14,952				32,729		23,895
Other segment items(2)			6,573		6,273				13,082		11,531

Equity-based compensation expense			19,662		24,433				37,907		37,846
Depreciation and amortization expense			297		417				632		810
Loss on disposal of property and equipment			-		-				3		-

Other non-operating expense/(income), net			995		(2,078	)			4,489		(4,445	)

Net loss	$		109,896	$	110,031		$		215,406	$	184,754

(1)

Excludes equity-based compensation expense.

(2)

Consists of other segment expenses related to supplies, corporate and facilities expenses.

Common Stock (Additional Information) (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	3 Months Ended			6 Months Ended
	Oct. 31, 2025	Jun. 30, 2026	Mar. 31, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025	Oct. 31, 2024	Jun. 30, 2022	Nov. 30, 2020
Common Stock
Common stock, shares authorized		300,000,000			300,000,000		300,000,000
Proceeds from sale of common shares, net					$ 160,774	$ 0
Common Stock
Common Stock
Sale of common shares, net of issuance costs (in shares)		967,393	2,576,299
Exercise of warrants (in shares)		250,000	6,804,066	458,044
Pre-funded warrants
Common Stock
Warrant to purchase (in shares)								353,983	25,510,205	2,179,487
Exercise of warrants (in shares)					6,804,082	0
Outstanding warrants (in shares)		10,558,065			10,558,065
Common Warrants
Common Stock
Warrant to purchase (in shares)									10,459,181
Warrant exercise price (in dollars per share)									$ 7.35
Non-Employee Services Warrant
Common Stock
Warrants issued	250,000
Warrant exercise price (in dollars per share)	$ 28.59
ATM Offering
Common Stock
Sale of common shares, net of issuance costs (in shares)					3,543,692
Proceeds from sale of common shares, net					$ 160,800

Equity-Based Compensation - Summary of Performance Stock Units (Details) - PSUs	6 Months Ended
	Jun. 30, 2026 $ / shares shares
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Outstanding, beginning (in shares) \| shares	1,100,000
Granted (in shares) \| shares	625,809
Vested (in shares) \| shares	(275,000)
Outstanding, end (in shares) \| shares	1,450,809
Weighted Average Grant Date Fair Value
Outstanding, beginning (in dollars per share) \| $ / shares	$ 28.63
Granted (in dollars per share) \| $ / shares	43.39
Vested (in dollars per share) \| $ / shares	30.94
Outstanding, end (in dollars per share) \| $ / shares	$ 34.56

Equity-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2026

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Summary of Company's Unrecognized Expense


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Research and development expense	$	7,482	$	5,843	$	14,035	$	9,878
General and administrative expense		12,180		18,590		23,872		27,968
	$	19,662	$	24,433	$	37,907	$	37,846

Summary of Unrecognized Equity-Based Compensation Expense

The following table summarizes the Company’s unrecognized equity-based compensation expense as of June 30, 2026:


	As of June 30, 2026
	Unrecognized Expense (in thousands)		Weighted Average Remaining Period of Recognition (years)
RSUs	$	112,448		2.8
PSUs		10,660		2.3
Stock options		71,105		2.5
	$	194,213

Summary of stock option activity

The following table summarizes the Company’s stock option activity for the current year:


						Weighted
						Average
				Weighted		Remaining Contractual		Aggregate
	Number of			Average		Term		Intrinsic Value
	Shares			Exercise Price		(in years)		(in thousands)
Outstanding as of December 31, 2025		7,845,460		$	21.06		6.72	$	185,525
Granted		527,488		$	47.03
Exercised		(1,347,368	)	$	12.49
Cancelled		(339,197	)	$	31.53
Outstanding as of June 30, 2026		6,686,383		$	24.31		7.24	$	206,526
Options exercisable as of June 30, 2026		3,599,310		$	19.26		6.07	$	129,933

Summary of Weighted Average Assumptions in Fair Value

The following weighted average assumptions were used in determining the fair value of options granted in the six months ended June 30, 2026 and 2025:


	Six Months Ended
	June 30,
	2026			2025
Risk-free interest rate		3.95	%		4.10	%
Expected dividend yield		0.0	%		0.0	%
Expected term (in years)		6.04			6.06
Expected volatility		107.10	%		108.33	%

Restricted Stock Units [Member]

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Summary of Restricted Stock Units

The following table summarizes the Company’s RSU activity for the current year:


				Weighted
				Average Grant
	Number of Units			Date Fair Value
RSUs as of December 31, 2025		3,283,939		$	25.50
Granted		1,480,611		$	47.40
Vested		(918,916	)	$	23.18
Forfeited		(246,888	)	$	26.04
RSUs as of June 30, 2026		3,598,746		$	35.07

Performance Stock Units [Member]

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Summary of Restricted Stock Units

The following table summarizes the Company’s PSU activity for the current year:


				Weighted
				Average Grant
	Number of Units			Date Fair Value
PSUs as of December 31, 2025		1,100,000		$	28.63
Granted		625,809		$	43.39
Vested		(275,000	)	$	30.94
PSUs as of June 30, 2026		1,450,809		$	34.56

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

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-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
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-Publisher FASB
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-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

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-Topic 718
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

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-Topic 718
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

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-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
-Section 35
-Paragraph 1D
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480483/718-10-35-1D

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480483/718-10-35-3

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
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-Paragraph 2
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
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-Paragraph 2
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

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-Topic 718
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-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(03)
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(04)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
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Reference 23: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)(01)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)(02)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)(03)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

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-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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-Subparagraph (e)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

+ Details

Fair Value of Financial Assets and Liabilities (Tables)

6 Months Ended

Jun. 30, 2026

Fair Value of Financial Assets and Liabilities

Schedule of summary of the assets and liabilities measured at fair value on a recurring basis

The following tables summarize the assets and liabilities measured at fair value on a recurring basis at June 30, 2026 and December 31, 2025 (in thousands):


	Fair Value Measurements at June 30, 2026
	Total		Level 1			Level 2			Level 3
Assets:
Cash and cash equivalents:
Money market funds	$	217,532		$	217,532		$	—		$	—
U.S. treasury obligations		199,491			199,491			—			—
Marketable securities:
U.S. treasury obligations and government agency securities		54,997			54,997			—			—
Total assets	$	472,020		$	472,020		$	—		$	—


	Fair Value Measurements at December 31, 2025
		Total		Level 1			Level 2			Level 3
Assets:
Cash and cash equivalents:
Money market funds		$	309,089		$	309,089		$	—		$	—
Marketable securities:
U.S. treasury obligations and government agency securities			44,036			44,036			—			—
Total assets		$	353,125		$	353,125		$	—		$	—

Prepaid Expenses and Other Current Assets - Schedule of Other Long-term Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Prepaid Expenses and Other Current Assets
Deferred financing costs related to undrawn debt	$ 1,321	$ 0
Prepaid other	1,156	604
Prepaid external research and development expenses	249	2,588
Prepaid insurance	41	39
Total other long-term assets	$ 2,767	$ 3,231

Leases (Additional Information) (Details) - USD ($) $ in Thousands	1 Months Ended
	May 31, 2024	Nov. 30, 2019	Oct. 31, 2025
Leased assets
Option to extend the term	true	true
Renewal term	5 years	2 years
Base rent	$ 6,200	$ 6,900
Annual upward adjustment (as a percent)	3.00%	3.50%
Incentive to lease		$ 14,100
Letter of credit		$ 2,300
Term of lease	2 years
Switzerland Lease
Leased assets
Base rent			$ 276
Switzerland Lease \| Minimum
Leased assets
Term of lease			12 months

Leases

6 Months Ended

Jun. 30, 2026

Leases

Leases

9. Leases

Operating Lease

In November 2019, the Company entered into a lease of office and laboratory space at 301 Binney Street in Cambridge, Massachusetts to be used as its new corporate headquarters (the “Lease”). The expiration date of the Lease was originally in August 2025 and included an option to extend the term by two years. The base rent under the original Lease was $6.9 million per year, subject to an annual increase of 3.5%. Variable lease payments include the Company’s allocated share of costs incurred and expenditures made by the landlord in the operation and management of the building. The Lease included incentives of $14.1 million in the form of an allowance for tenant improvements related to the design and build out of the space. In connection with the Lease, the Company has secured a letter of credit for $2.3 million which renews automatically each year.

In May 2024, the Company entered into the First Amendment (the “Lease Amendment”) to the Lease to extend the term for approximately two years, commencing on August 19, 2025 (the “First Extension Term”) with the base rent to start at approximately $6.2 million per year, followed by a 3% annual increase. Pursuant to the Lease Amendment, the Company also has an option to extend the term of the Lease by five years, upon the expiration of the First Extension Term.

In October 2025, the Company entered into a lease of office space in Zug, Switzerland (the “Switzerland Lease”). The Switzerland Lease commencement date was January 1, 2026, which is when the Company gained access to the space under the terms of the lease. The Switzerland Lease has an expiration date of December 31, 2029, with a minimum term of twelve months. The base rent under the Switzerland Lease is CHF 276,000 per year.

Other information related to the leases are as follows (in thousands, except lease term and discount rate):


		Three Months Ended June 30,					Six Months Ended June 30,
		2026			2025		2026		2025
Lease cost:
Operating lease cost	$		1,807	$		1,714	$	3,617	$	3,428
Variable lease cost			407			380		855		772
Total lease cost	$		2,214	$		2,094	$	4,472	$	4,200


	Six Months Ended June 30,
	2026			2025
Other information:
Operating cash flows used for operating leases	$	3,366		$	4,101
Weighted average remaining lease term		1.5			2.2
Weighted average incremental borrowing rate		11.8	%		13.1	%

Equity-Based Compensation - Summary of Company's Unrecognized Expense - (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Equity-based compensation
Equity-based compensation expense	$ 19,662	$ 24,433	$ 37,907	$ 37,846
Research and development expense
Equity-based compensation
Equity-based compensation expense	7,482	5,843	14,035	9,878
General and administrative expense
Equity-based compensation
Equity-based compensation expense	$ 12,180	$ 18,590	$ 23,872	$ 27,968

Segment Reporting - Summary of Operating Segment Expenses (Details) - USD ($)
$ in Thousands

3 Months Ended

6 Months Ended

Jun. 30, 2026

Mar. 31, 2026

Jun. 30, 2025

Mar. 31, 2025

Jun. 30, 2026

Jun. 30, 2025

Segment Reporting

External R&D expense

$ 58,234

$ 62,401

$ 110,048

$ 111,079

Equity-based compensation expense

37,907

37,846

Depreciation and amortization expense

632

810

Loss on disposal of property and equipment

Other non-operating expense/(income), net

(570)

(127)

(1,360)

(171)

Net loss

109,896

$ 105,510

110,031

$ 74,723

215,406

184,754

Operating segment

Segment Reporting

Employee related expense

^[1]

37,445

32,484

74,971

55,422

External expense - G&A

16,597

14,952

32,729

23,895

Other segment items

^[2]

6,573

6,273

13,082

11,531

Equity-based compensation expense

19,662

24,433

37,907

37,846

Depreciation and amortization expense

297

417

632

810

Loss on disposal of property and equipment

Other non-operating expense/(income), net

995

(2,078)

4,489

(4,445)

Net loss

109,896

110,031

$ 215,406

184,754

Description-Other segment related expense

Consists of other segment expenses related to supplies, corporate and facilities expenses.

Operating segment | Apitegromab

Segment Reporting

External R&D expense

22,948

27,956

$ 43,209

47,257

Operating segment | SRK-181

Segment Reporting

External R&D expense

792

1,902

Operating segment | SRK-439

Segment Reporting

External R&D expense

3,760

2,575

5,519

6,854

Operating segment | Early research and other

Segment Reporting

External R&D expense

$ 1,610

$ 2,227

$ 2,820

$ 3,682

[1]	Excludes equity-based compensation expense.
[2]	Consists of other segment expenses related to supplies, corporate and facilities expenses.

Debt (Additional Information) (Details) - USD ($) $ in Thousands				1 Months Ended		3 Months Ended		6 Months Ended
	Feb. 27, 2026	Sep. 29, 2025	Feb. 10, 2025	Mar. 31, 2026	Feb. 28, 2026	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025	Oct. 16, 2020
Debt
Proceeds from credit facility		$ 100,000						$ 197,729	$ 0
Loss on extinguishment of debt						$ 0	$ 0	$ 3,337	$ 0
Base Rate
Debt
Variable rate (as a percent)				4.00%
Secured Overnight Financing Rate (SOFR)
Debt
Interest rate				1.00%
Variable rate (as a percent)				5.00%
Minimum \| Base Rate
Debt
Interest rate				2.00%
Loan and Security Agreement
Debt
Line of credit maximum										$ 50,000
Debt modification payment			$ 900
Payments of Debt Restructuring Costs			900
Proceeds from credit facility		$ 50,000
SVB-Equipment
Debt
Debt modification payment			500
Payments of Debt Restructuring Costs			$ 500
2026 Loan Agreement with Blue Owl
Debt
Percentage of unrestricted cash balance	60.00%
Issuance of debt				$ 200,000
2026 Loan Agreement with Blue Owl \| Initial Term Loan
Debt
Proceeds from credit facility					$ 100,000
2026 Loan Agreement with Blue Owl \| Incremental Term Loan
Debt
Line of credit maximum	$ 200,000
2026 Loan Agreement with Blue Owl \| Term loan second tranche
Debt
Proceeds from credit facility				100,000
2026 Loan Agreement with Blue Owl \| Delayed Draw Term Loan (DDTL)
Debt
Line of credit maximum				$ 150,000
2026 Loan Agreement with Blue Owl \| 2026 Loan Agreement
Debt
Line of credit maximum					$ 350,000
2020 Loan and Security Agreement with Oxford
Debt
Gross Debt Repayment	103,700
Periodic payment terms	2,000
Prepayment fee	1,000
Repayments of debt	100,000
Loss on extinguishment of debt	$ (3,300)

Equity-Based Compensation

6 Months Ended

Jun. 30, 2026

Equity-Based Compensation

Equity-Based Compensation

8. Equity-Based Compensation

The Company recorded equity-based compensation expense related to all equity-based awards, which was allocated as follows in the condensed consolidated statements of operations and comprehensive loss for the three and six months ended June 30, 2026 and 2025 (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Research and development expense	$	7,482	$	5,843	$	14,035	$	9,878
General and administrative expense		12,180		18,590		23,872		27,968
	$	19,662	$	24,433	$	37,907	$	37,846

During the six months ended June 30, 2026 and 2025, the Company entered into separation agreements with certain employees. Per the separation terms, certain stock option awards and RSUs were amended and may provide for continued vesting, accelerated vesting, and extended time to exercise vested options. As a result, equity-based compensation expense during the six months ended June 30, 2026 and 2025 includes $0.3 million and $13.0 million, respectively, related to the modification of certain equity awards.

The following table summarizes the Company’s unrecognized equity-based compensation expense as of June 30, 2026:


	As of June 30, 2026
	Unrecognized Expense (in thousands)		Weighted Average Remaining Period of Recognition (years)
RSUs	$	112,448		2.8
PSUs		10,660		2.3
Stock options		71,105		2.5
	$	194,213

Restricted Stock Units

The following table summarizes the Company’s RSU activity for the current year:


				Weighted
				Average Grant
	Number of Units			Date Fair Value
RSUs as of December 31, 2025		3,283,939		$	25.50
Granted		1,480,611		$	47.40
Vested		(918,916	)	$	23.18
Forfeited		(246,888	)	$	26.04
RSUs as of June 30, 2026		3,598,746		$	35.07

The total fair value of RSUs vested during the six months ended June 30, 2026 and 2025 was $42.9 million and $40.7 million, respectively.

Performance Stock Units

The following table summarizes the Company’s PSU activity for the current year:


				Weighted
				Average Grant
	Number of Units			Date Fair Value
PSUs as of December 31, 2025		1,100,000		$	28.63
Granted		625,809		$	43.39
Vested		(275,000	)	$	30.94
PSUs as of June 30, 2026		1,450,809		$	34.56

The Company has granted various PSUs to certain employees. Depending on the terms of the PSUs and the outcome of the pre-established performance criteria, which may include a market condition, performance condition and/or time-based vesting, the recipient may ultimately earn the target number of PSUs granted or a specified multiple thereof at the end of the vesting period.

The total fair value of PSUs vested during the six months ended June 30, 2026 was $12.0 million. No PSUs vested during the six months ended June 30, 2025.

Stock Options

The following table summarizes the Company’s stock option activity for the current year:


						Weighted
						Average
				Weighted		Remaining Contractual		Aggregate
	Number of			Average		Term		Intrinsic Value
	Shares			Exercise Price		(in years)		(in thousands)
Outstanding as of December 31, 2025		7,845,460		$	21.06		6.72	$	185,525
Granted		527,488		$	47.03
Exercised		(1,347,368	)	$	12.49
Cancelled		(339,197	)	$	31.53
Outstanding as of June 30, 2026		6,686,383		$	24.31		7.24	$	206,526
Options exercisable as of June 30, 2026		3,599,310		$	19.26		6.07	$	129,933

Using the Black-Scholes option pricing model, the weighted average grant date fair value of options granted during the six months ended June 30, 2026 and 2025 was $39.18 and $28.84, respectively.

The following weighted average assumptions were used in determining the fair value of options granted in the six months ended June 30, 2026 and 2025:


	Six Months Ended
	June 30,
	2026			2025
Risk-free interest rate		3.95	%		4.10	%
Expected dividend yield		0.0	%		0.0	%
Expected term (in years)		6.04			6.06
Expected volatility		107.10	%		108.33	%

Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 30, 2026	Aug. 03, 2026
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2026
Document Transition Report	false
Securities Act File Number	001-38501
Entity Registrant Name	SCHOLAR ROCK HOLDING CORPORATION
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	82-3750435
Entity Address, Address Line One	301 Binney Street, 3rd Floor
Entity Address, City or Town	Cambridge
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	02142
City Area Code	857
Local Phone Number	259 3860
Title of 12(b) Security	Common Stock, par value $0.001 per share
Trading Symbol	SRRK
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		121,785,282
Entity Central Index Key	0001727196
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2026
Document Fiscal Period Focus	Q2
Amendment Flag	false

Equity-Based Compensation - Summary of Weighted Average Assumptions in Fair Value (Details)	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Assumptions used in determining the fair value of options
Risk-free interest rate	3.95%	4.10%
Expected dividend yield	0.00%	0.00%
Expected term (in years)	6 years 14 days	6 years 21 days
Expected volatility	107.10%	108.33%

Debt

6 Months Ended

Jun. 30, 2026

Debt

Debt

11. Debt

On October 16, 2020, the Company entered into a Loan and Security Agreement with Oxford Finance LLC (“Oxford”) and Silicon Valley Bank (“SVB”) for $50.0 million (the “Loan and Security Agreement”), which was amended in 2022 to increase the Company’s borrowing capacity.

On February 10, 2025, the Company entered into an Amended and Restated Loan and Security Agreement with Oxford (such agreement, as amended, the “Oxford Loan Agreement”). The Oxford Loan Agreement consolidated the existing outstanding loan tranches solely with Oxford and amends and restates in its entirety that certain Loan and Security Agreement, as amended. In conjunction with the Oxford Loan Agreement, the Company was required to pay $0.9 million, which included $0.5 million to SVB for the final payment on the outstanding tranche.

On September 29, 2025, the Company received $50.0 million from the next available tranche under the Oxford Loan Agreement, bringing the total borrowings to $100.0 million.

On February 27, 2026, the Company terminated the Oxford Loan Agreement and entered into a Financing Agreement (the “Financing Agreement”) with certain funds managed by Blue Owl Capital Corporation (“Blue Owl”). Concurrently with the entry into the Financing Agreement, the Company also entered into a Pledge and Security Agreement (the “Security Agreement,” together with the Financing Agreement, the “2026 Loan Agreement”) with Blue Owl. The Financing Agreement contains customary representations, warranties and covenants. The Company is also required to maintain a minimum unrestricted cash balance of at least 60% of the aggregate outstanding principal amount, unless certain milestones are met and maintained.

The 2026 Loan Agreement provides for up to $350.0 million (each, a “Term Loan” and together, the “Term Loans”), of which $100.0 million of the initial term loan (the “Initial Term Loan”) was received in February 2026. In addition, the Financing Agreement includes an uncommitted incremental term loan facility that requires the consent of Blue Owl in an aggregate principal amount not to exceed $200.0 million. Deferred financing costs related to undrawn debt are included in “Other long-term assets” in the consolidated balance sheets. The Company used the proceeds of the Initial Term Loan upon the closing under the 2026 Loan Agreement to repay all outstanding obligations, totaling $103.7 million, which included $2.0 million related to the final payment and $1.0 million related to the prepayment fee, under the Oxford Loan Agreement with Oxford and upon such repayment, terminated the Oxford Loan Agreement. The amount repaid by the Company included $100.0 million of outstanding indebtedness plus accrued and unpaid interest as of February 27, 2026 and fees. The Company recognized a loss on extinguishment of debt of $3.3 million in connection with the termination of the Oxford Loan Agreement. As a result of the termination, all credit commitments under the Oxford Loan Agreement were terminated and all security interests and guarantees executed in connection with the Oxford Loan Agreement were released.

On March 31, 2026, the Company received $100.0 million from the next available tranche under the 2026 Loan Agreement. To date, the Company has received $200.0 million of Term Loans. The additional delayed draw term loan commitment in an aggregate principal amount not to exceed $150.0 million will be available from the date of FDA approval for apitegromab in SMA until the date that is the earliest of the full usage thereof, termination thereof and September 30, 2027, which may be borrowed by the Company at its sole option upon satisfying certain customary conditions, including satisfaction of the minimum cash covenant (if applicable).

The outstanding principal of the Term Loan bears interest at a rate per annum on the basis of a 360 day year equal to (a) in the case of Term Loans bearing interest based on the base rate defined in the Financing Agreement, the sum of (i) the base rate (and which base rate will not be less than 2.00%) plus (ii) 4.00% and (B) in the case of Term Loans bearing interest based on the three-month forward-looking term secured overnight financing rate as published by CME Group Benchmark Administration Limited (the “Term SOFR”), the sum of (i) three-month Term SOFR (subject to 1.00% per annum floor), plus (ii) 5.00%. Accrued interest is payable quarterly, on any date of prepayment of the Term Loans and at maturity.

The maturity date of the Term Loan is the earlier of February 26, 2032 and the date the Term Loans shall otherwise become due and payable in full under the Financing Agreement. The Company may, at its option, prepay at any time the Term Loans on any Business Day in whole or in part. In certain instances and during certain time periods, these prepayments, together with certain mandatory prepayments and payments of the Term Loans resulting from the exercise of remedies under the Financing Agreement, will be subject to customary prepayment fees.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Leases - Schedule of Other Information Related to The Leases Cost (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Lease cost:
Operating lease cost	$ 1,807	$ 1,714	$ 3,617	$ 3,428
Variable lease cost	407	380	855	772
Total lease cost	$ 2,214	$ 2,094	4,472	4,200
Other information:
Operating cash flows used for operating leases			$ 3,366	$ 4,101
Weighted average remaining lease term	1 year 6 months	2 years 2 months 12 days	1 year 6 months	2 years 2 months 12 days
Weighted average incremental borrowing rate	11.80%	13.10%	11.80%	13.10%

Summary of Significant Accounting Policies (Tables)

6 Months Ended

Jun. 30, 2026

Summary of Significant Accounting Policies

Schedule of reconciliation of cash, cash equivalents and restricted cash

The following table reconciles cash, cash equivalents and restricted cash per the balance sheet to the statement of cash flows (in thousands):


	As of June 30,
	2026		2025
Cash and cash equivalents	$	437,091	$	152,925
Restricted cash		3,807		2,407
	$	440,898	$	155,332

Common Stock - Reserved (Details)	Jun. 30, 2026 shares
Common Stock
Shares reserved for future issuance	34,208,694
Pre-funded warrants
Common Stock
Shares reserved for future issuance	10,558,065
2018 ESPP
Common Stock
Shares reserved for future issuance	2,903,919
2018 Plan
Common Stock
Shares reserved for future issuance	6,693,476
2022 Plan
Common Stock
Shares reserved for future issuance	2,317,296
Employee Stock Option \| 2017 and 2018 Plan
Common Stock
Shares reserved for future issuance	7,818,365
Employee Stock Option \| 2022 Plan
Common Stock
Shares reserved for future issuance	3,917,573

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
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+ Details

Equity-Based Compensation - Summary of Unrecognized Equity-Based Compensation Expense - (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2026 USD ($)
Equity-based compensation
Unrecognized Expense	$ 194,213
RSUs
Equity-based compensation
Unrecognized Expense	$ 112,448
Weighted Average Remaining Period of Recognition	2 years 9 months 18 days
PSUs
Equity-based compensation
Unrecognized Expense	$ 10,660
Weighted Average Remaining Period of Recognition	2 years 3 months 18 days
Stock options
Equity-based compensation
Unrecognized Expense	$ 71,105
Weighted Average Remaining Period of Recognition	2 years 6 months

Net Loss per Share

6 Months Ended

Jun. 30, 2026

Net Loss per Share

Net Loss per Share

12. Net Loss per Share

The Company calculates basic net loss per share by dividing net loss by the weighted average number of common shares outstanding. The weighted average number of common shares used in the basic and diluted net loss per share calculation includes the pre-funded warrants issued in connection with the Company’s November 2020, June 2022 and October 2024 follow-on offerings as the pre-funded warrants are exercisable at any time for nominal cash consideration. The Company has generated a net loss in all periods presented, so the basic and diluted net loss per share are the same, as the inclusion of the potentially dilutive securities would be anti-dilutive.

The following table sets forth the outstanding common stock equivalents, presented based on amounts outstanding at each period end, that have been excluded from the calculation of diluted net loss per share for the periods indicated because their inclusion would have been anti-dilutive:


	As of June 30,
	2026		2025
RSUs		3,598,746		3,548,667
PSUs		1,450,809		1,100,000
Stock options		6,686,383		9,067,448
Warrants		—		8,220,620
		11,735,938		21,936,735

Net Loss per Share (Tables)

6 Months Ended

Jun. 30, 2026

Net Loss per Share

Summary of anti-dilutive securities


	As of June 30,
	2026		2025
RSUs		3,598,746		3,548,667
PSUs		1,450,809		1,100,000
Stock options		6,686,383		9,067,448
Warrants		—		8,220,620
		11,735,938		21,936,735

Marketable Securities

6 Months Ended

Jun. 30, 2026

Marketable Securities

Marketable Securities

4. Marketable Securities

The following table summarizes the Company’s investments as of June 30, 2026 (in thousands):


			Gross
	Amortized		Unrealized					Estimated
	Cost		Gains		Losses			Fair Value
Marketable securities available-for-sale:
U.S. treasury obligations and government agency securities	$	55,010	$	5	$	(18	)	$	54,997
Total available-for-sale securities	$	55,010	$	5	$	(18	)	$	54,997

The following table summarizes the Company’s investments as of December 31, 2025 (in thousands):


			Gross
	Amortized		Unrealized				Estimated
	Cost		Gains		Losses		Fair Value
Marketable securities available-for-sale:
U.S. treasury obligations and government agency securities	$	43,940	$	96	$	—	$	44,036
Total available-for-sale securities	$	43,940	$	96	$	—	$	44,036

The Company believes that U.S. treasury obligations and government agency securities are subject to minimal credit risk. As a result, the Company did not record any charges for credit-related impairments for its available-for-sale securities for the six months ended June 30, 2026.

Net Loss per Share - Antidilutive (Details) - shares	6 Months Ended
Net Loss per Share - Antidilutive (Details) - shares	Jun. 30, 2026	Jun. 30, 2025
Anti-dilutive securities
Anti-dilutive securities excluded from the calculation of net loss per share	11,735,938	21,936,735
RSUs
Anti-dilutive securities
Anti-dilutive securities excluded from the calculation of net loss per share	3,598,746	3,548,667
PSUs
Anti-dilutive securities
Anti-dilutive securities excluded from the calculation of net loss per share	1,450,809	1,100,000
Stock options
Anti-dilutive securities
Anti-dilutive securities excluded from the calculation of net loss per share	6,686,383	9,067,448
Warrants
Anti-dilutive securities
Anti-dilutive securities excluded from the calculation of net loss per share	0	8,220,620

Segment Reporting (Additional Information) (Details) $ in Millions	6 Months Ended
	Jun. 30, 2026 USD ($) Segment
Segment Reporting Information [Line Items]
Number of reportable segment \| Segment	1
Number of operating segment \| Segment	1
SWITZERLAND
Segment Reporting Information [Line Items]
Long-lived assets \| $	$ 1.2
UNITED STATES
Segment Reporting Information [Line Items]
Long-lived assets \| $	$ 8.6

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 437,091	$ 323,527
Marketable securities	54,997	44,036
Prepaid expenses and other current assets	15,095	17,584
Total current assets	507,183	385,147
Property and equipment, net	1,166	1,705
Operating lease right-of-use asset	8,620	10,382
Restricted cash	3,807	3,807
Other long-term assets	2,767	3,231
Total assets	523,543	404,272
Current liabilities:
Accounts payable	10,995	10,303
Accrued expenses	54,931	39,566
Operating lease liability	6,316	5,550
Total current liabilities	72,242	55,419
Long-term portion of operating lease liability	1,314	3,656
Long-term debt	196,203	99,709
Total liabilities	269,759	158,784
Commitments and contingencies (Note 10)
Stockholders' equity:
Preferred stock, $0.001 par value; 10,000,000 shares authorized; no shares issued and outstanding at June 30, 2026 and December 31, 2025	0	0
Common stock, $0.001 par value; 300,000,000 shares authorized; 121,600,396 and 108,461,354 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively	122	108
Additional paid-in capital	1,768,581	1,545,940
Accumulated other comprehensive income	1,141	94
Accumulated deficit	(1,516,060)	(1,300,654)
Total stockholders' equity	253,784	245,488
Total liabilities and stockholders' equity	$ 523,543	$ 404,272

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Operating expenses:
Research and development	$ 58,234	$ 62,401	$ 110,048	$ 111,079
General and administrative	50,667	49,708	100,869	78,120
Total operating expenses	108,901	112,109	210,917	189,199
Loss from operations	(108,901)	(112,109)	(210,917)	(189,199)
Loss on extinguishment of debt	0	0	(3,337)	0
Interest income	4,093	3,411	7,028	7,641
Interest expense	(4,518)	(1,206)	(6,820)	(3,025)
Other expense, net	(570)	(127)	(1,360)	(171)
Total other income (expense), net	(995)	2,078	(4,489)	4,445
Net loss	$ (109,896)	$ (110,031)	$ (215,406)	$ (184,754)
Net loss per share, basic	$ (0.84)	$ (0.98)	$ (1.67)	$ (1.65)
Net loss per share, diluted	$ (0.84)	$ (0.98)	$ (1.67)	$ (1.65)
Weighted average common shares outstanding, basic	130,612,734	112,703,014	128,954,153	112,273,032
Weighted average common shares outstanding, diluted	130,612,734	112,703,014	128,954,153	112,273,032
Comprehensive loss:
Net loss	$ (109,896)	$ (110,031)	$ (215,406)	$ (184,754)
Other comprehensive income (loss):
Unrealized loss on marketable securities	(38)	(71)	(109)	(102)
Foreign currency translation adjustments	489	0	1,156	0
Total other comprehensive income (loss)	451	(71)	1,047	(102)
Comprehensive loss	$ (109,445)	$ (110,102)	$ (214,359)	$ (184,856)

Common Stock

6 Months Ended

Jun. 30, 2026

Common Stock.

Common Stock

7. Common Stock

The Company’s amended and restated certificate of incorporation provides for 300,000,000 authorized shares of common stock.

The Company has had a sales agreement in place during various time periods with Jefferies LLC (“Jefferies”) with respect to an at-the-market (“ATM”) offering program. Under this program, the Company is able to offer and sell, from time to time at its sole discretion, shares of its common stock through Jefferies as its sales agent. In an ATM offering, exchange-listed companies incrementally sell newly issued shares into the secondary trading market through a designated broker-dealer at prevailing market prices. The current sales agreement with Jefferies, entered into in November 2022, allows for the sale of shares of common stock from time to time in “at the market” offerings through Jefferies as the Company’s sales agent. The Company sold 3,543,692 shares of its common stock under the ATM program during the six months ended June 30, 2026, generating net proceeds of $160.8 million.

The Company has issued pre-funded warrants to purchase common stock, as well as warrants to purchase common stock as part of its financing activities. Both the pre-funded warrants and warrants meet the conditions for equity classification and are recorded as a component of stockholders’ equity within additional paid-in capital. In October 2024, June 2022 and November 2020, the Company issued 353,983, 25,510,205 and 2,179,487 pre-funded warrants, respectively. During the six months ended June 30, 2026 and 2025, 6,804,082 and 0, respectively, of the Company’s pre-funded warrants were exercised. As of June 30, 2026, the Company has 10,558,065 pre-funded warrants outstanding. In June 2022, the Company also issued 10,459,181 warrants with an exercise price of $7.35, which expired on December 31, 2025. All of the common warrants outstanding associated with the June 2022 financing were exercised prior to their expiry.

In October 2025, the Company issued 250,000 warrants with an exercise price of $28.59 for non-employee services. Warrants issued to non-employees in connection with providing services meet the conditions for equity classification and are recorded as a component of stockholders’ equity within additional paid in capital. All of the warrants issued for non-employee services were exercised during the six months ended June 30, 2026.

Shares Reserved For Future Issuance

As of June 30, 2026, the Company had common shares reserved for issuance as follows:


	As of
	June 30,
	2026
Common shares reserved for exercise of pre-funded warrants		10,558,065
Common shares reserved for exercise of outstanding stock options, unvested RSUs and unvested PSUs under the 2017 and 2018 Plans		7,818,365
Common shares reserved for exercise of outstanding stock options, unvested RSUs and unvested PSUs under the 2022 Inducement Plan		3,917,573
Common shares reserved for future issuance under the 2018 Plan		6,693,476
Common shares reserved for future issuance under the 2022 Inducement Plan		2,317,296
Common shares reserved for future issuance under the 2018 ESPP		2,903,919
		34,208,694

Prepaid Expenses and Other Current Assets

6 Months Ended

Jun. 30, 2026

Prepaid Expenses and Other Current Assets

Prepaid Expenses and Other Current Assets

5. Prepaid Expenses and Other Current Assets

At June 30, 2026 and December 31, 2025, prepaid expenses and other current assets consist of the following (in thousands):


	As of
	June 30,		December 31,
	2026		2025
Prepaid external research and development expenses	$	8,361	$	6,509
Other receivables		1,959		2,799
Prepaid other		1,884		1,450
Prepaid software		1,851		3,905
Prepaid compensation expense		702		950
Prepaid professional services expense		259		1,276
Prepaid insurance		79		695
	$	15,095	$	17,584

At June 30, 2026 and December 31, 2025, other long-term assets consist of the following (in thousands):


	As of
	June 30,		December 31,
	2026		2025
Deferred financing costs related to undrawn debt	$	1,321	$	—
Prepaid other		1,156		604
Prepaid external research and development expenses		249		2,588
Prepaid insurance		41		39
	$	2,767	$	3,231

Summary of Significant Accounting Policies (Policies)

6 Months Ended

Jun. 30, 2026

Summary of Significant Accounting Policies

Unaudited Interim Financial Information

Use of Estimates

Cash, Cash Equivalents and Restricted Cash

The following table reconciles cash, cash equivalents and restricted cash per the balance sheet to the statement of cash flows (in thousands):


	As of June 30,
	2026		2025
Cash and cash equivalents	$	437,091	$	152,925
Restricted cash		3,807		2,407
	$	440,898	$	155,332

Recently Issued Accounting Pronouncements

- Definition

Disclosure of accounting policy for the use of estimates in the preparation of financial statements in conformity with generally accepted accounting principles.

+ References

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+ Details

Prepaid Expenses and Other Current Assets - Schedule of Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Prepaid expenses and other current assets
Prepaid external research and development expenses	$ 8,361	$ 6,509
Other receivables	1,959	2,799
Prepaid other	1,884	1,450
Prepaid software	1,851	3,905
Prepaid compensation expense	702	950
Prepaid professional services expense	259	1,276
Prepaid insurance	79	695
Total prepaid expenses and other current assets	$ 15,095	$ 17,584

Summary of Significant Accounting Policies - Schedule of reconciliation of cash, cash equivalents and restricted cash (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025	Jun. 30, 2025	Dec. 31, 2024
Cash and cash equivalents and restricted cash
Cash and cash equivalents	$ 437,091	$ 323,527	$ 152,925
Restricted cash	3,807	3,807	2,407
Total	$ 440,898	$ 327,334	$ 155,332	$ 180,285

Fair Value of Financial Assets and Liabilities

6 Months Ended

Jun. 30, 2026

Fair Value of Financial Assets and Liabilities

Fair Value of Financial Assets and Liabilities

3. Fair Value of Financial Assets and Liabilities

The following tables summarize the assets and liabilities measured at fair value on a recurring basis at June 30, 2026 and December 31, 2025 (in thousands):


	Fair Value Measurements at June 30, 2026
	Total		Level 1			Level 2			Level 3
Assets:
Cash and cash equivalents:
Money market funds	$	217,532		$	217,532		$	—		$	—
U.S. treasury obligations		199,491			199,491			—			—
Marketable securities:
U.S. treasury obligations and government agency securities		54,997			54,997			—			—
Total assets	$	472,020		$	472,020		$	—		$	—


	Fair Value Measurements at December 31, 2025
		Total		Level 1			Level 2			Level 3
Assets:
Cash and cash equivalents:
Money market funds		$	309,089		$	309,089		$	—		$	—
Marketable securities:
U.S. treasury obligations and government agency securities			44,036			44,036			—			—
Total assets		$	353,125		$	353,125		$	—		$	—

Level 1 assets include investments in money market funds, U.S. treasury obligations and government agency securities that are valued using quoted market prices in active markets. There were no transfers of assets between fair value measurement levels during the six months ended June 30, 2026 and 2025.

The carrying amounts reflected in the balance sheets for prepaid expenses and other current assets, accounts payable, and accrued expenses approximate their fair values at June 30, 2026 and December 31, 2025, due to their short-term nature.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

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+ Details

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Jun. 30, 2026	Mar. 31, 2026	Jun. 30, 2025	Mar. 31, 2025	Jun. 30, 2026	Jun. 30, 2025
Pay vs Performance Disclosure
Net Income (Loss)	$ (109,896)	$ (105,510)	$ (110,031)	$ (74,723)	$ (215,406)	$ (184,754)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Unaudited) - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Income (Loss)	Accumulated Deficit
Balance at beginning at Dec. 31, 2024	$ 368,634	$ 94	$ 1,291,095	$ 160	$ (922,715)
Balance at beginning (in shares) at Dec. 31, 2024		93,823,678
Unrealized loss on marketable securities	(31)			(31)
Exercise of stock options	5,038		5,038
Exercise of stock options (in shares)		375,939
Issuance of common shares upon RSU vesting		$ 1	(1)
Issuance of common shares upon RSU vesting (in shares)		673,790
Equity-based compensation expense	13,413		13,413
Other	2		2
Net loss	(74,723)				(74,723)
Balance at end at Mar. 31, 2025	312,333	$ 95	1,309,547	129	(997,438)
Balance at end (in shares) at Mar. 31, 2025		94,873,407
Balance at beginning at Dec. 31, 2024	368,634	$ 94	1,291,095	160	(922,715)
Balance at beginning (in shares) at Dec. 31, 2024		93,823,678
Unrealized loss on marketable securities	(102)
Foreign currency translation adjustments	0
Net loss	(184,754)
Balance at end at Jun. 30, 2025	233,293	$ 96	1,340,608	58	(1,107,469)
Balance at end (in shares) at Jun. 30, 2025		95,999,608
Balance at beginning at Mar. 31, 2025	312,333	$ 95	1,309,547	129	(997,438)
Balance at beginning (in shares) at Mar. 31, 2025		94,873,407
Unrealized loss on marketable securities	(71)			(71)
Exercise of stock options	3,262		3,262
Exercise of stock options (in shares)		275,874
Issuance of common shares upon RSU vesting (in shares)		392,283
Exercise of common warrants	3,367	$ 1	3,366
Exercise of common warrants (in shares)		458,044
Equity-based compensation expense	24,433		24,433
Foreign currency translation adjustments	0
Net loss	(110,031)				(110,031)
Balance at end at Jun. 30, 2025	233,293	$ 96	1,340,608	58	(1,107,469)
Balance at end (in shares) at Jun. 30, 2025		95,999,608
Balance at beginning at Dec. 31, 2025	245,488	$ 108	1,545,940	94	(1,300,654)
Balance at beginning (in shares) at Dec. 31, 2025		108,461,354
Unrealized loss on marketable securities	(71)			(71)
Sale of common shares, net of issuance costs	111,774	$ 3	111,771
Sale of common shares, net of issuance costs (in shares)		2,576,299
Exercise of stock options	5,420		5,420
Exercise of stock options (in shares)		415,289
Issuance of common shares upon vesting of restricted stock units ("RSUs") and performance stock units ("PSUs")		$ 1	(1)
Issuance of common shares upon vesting of restricted stock units ("RSUs") and performance stock units ("PSUs") (in shares)		846,766
Exercise of common warrants		$ 7	(7)
Exercise of common warrants (in shares)		6,804,066
Equity-based compensation expense	18,245		18,245
Foreign currency translation adjustments	667			667
Net loss	(105,510)				(105,510)
Balance at end at Mar. 31, 2026	276,013	$ 119	1,681,368	690	(1,406,164)
Balance at end (in shares) at Mar. 31, 2026		119,103,774
Balance at beginning at Dec. 31, 2025	245,488	$ 108	1,545,940	94	(1,300,654)
Balance at beginning (in shares) at Dec. 31, 2025		108,461,354
Unrealized loss on marketable securities	(109)
Foreign currency translation adjustments	1,156
Net loss	(215,406)
Balance at end at Jun. 30, 2026	253,784	$ 122	1,768,581	1,141	(1,516,060)
Balance at end (in shares) at Jun. 30, 2026		121,600,396
Balance at beginning at Mar. 31, 2026	276,013	$ 119	1,681,368	690	(1,406,164)
Balance at beginning (in shares) at Mar. 31, 2026		119,103,774
Unrealized loss on marketable securities	(38)			(38)
Sale of common shares, net of issuance costs	49,000	$ 1	48,999
Sale of common shares, net of issuance costs (in shares)		967,393
Exercise of stock options	11,406	$ 1	11,405
Exercise of stock options (in shares)		932,079
Issuance of common shares upon RSU vesting		$ 1	(1)
Issuance of common shares upon RSU vesting (in shares)		347,150
Exercise of common warrants	7,148		7,148
Exercise of common warrants (in shares)		250,000
Equity-based compensation expense	19,662		19,662
Foreign currency translation adjustments	489			489
Net loss	(109,896)				(109,896)
Balance at end at Jun. 30, 2026	$ 253,784	$ 122	$ 1,768,581	$ 1,141	$ (1,516,060)
Balance at end (in shares) at Jun. 30, 2026		121,600,396

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 2026	Dec. 31, 2025
CONDENSED CONSOLIDATED BALANCE SHEETS
Preferred stock, par value	$ 0.001	$ 0.001
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	300,000,000	300,000,000
Common stock, shares issued	121,600,396	108,461,354
Common stock, shares outstanding	121,600,396	108,461,354

Common Stock (Tables)

6 Months Ended

Jun. 30, 2026

Common Stock.

Schedule of reserved common stock

As of June 30, 2026, the Company had common shares reserved for issuance as follows:


	As of
	June 30,
	2026
Common shares reserved for exercise of pre-funded warrants		10,558,065
Common shares reserved for exercise of outstanding stock options, unvested RSUs and unvested PSUs under the 2017 and 2018 Plans		7,818,365
Common shares reserved for exercise of outstanding stock options, unvested RSUs and unvested PSUs under the 2022 Inducement Plan		3,917,573
Common shares reserved for future issuance under the 2018 Plan		6,693,476
Common shares reserved for future issuance under the 2022 Inducement Plan		2,317,296
Common shares reserved for future issuance under the 2018 ESPP		2,903,919
		34,208,694

Prepaid Expenses and Other Current Assets (Tables)

6 Months Ended

Jun. 30, 2026

Prepaid Expenses and Other Current Assets

Schedule of Prepaid Expenses and Other Current Assets

At June 30, 2026 and December 31, 2025, prepaid expenses and other current assets consist of the following (in thousands):


	As of
	June 30,		December 31,
	2026		2025
Prepaid external research and development expenses	$	8,361	$	6,509
Other receivables		1,959		2,799
Prepaid other		1,884		1,450
Prepaid software		1,851		3,905
Prepaid compensation expense		702		950
Prepaid professional services expense		259		1,276
Prepaid insurance		79		695
	$	15,095	$	17,584

Schedule of Other Long-term Assets

At June 30, 2026 and December 31, 2025, other long-term assets consist of the following (in thousands):


	As of
	June 30,		December 31,
	2026		2025
Deferred financing costs related to undrawn debt	$	1,321	$	—
Prepaid other		1,156		604
Prepaid external research and development expenses		249		2,588
Prepaid insurance		41		39
	$	2,767	$	3,231

Commitments and Contingencies

6 Months Ended

Jun. 30, 2026

Commitments and Contingencies.

Commitments and Contingencies

10. Commitments and Contingencies

Legal Proceedings

The Company, from time to time, may be party to litigation arising in the ordinary course of its business. Although the results of litigation and claims cannot be predicted with certainty, the Company does not believe they are party to any claim or litigation the outcome of which, if determined adversely to the Company, would individually or in the aggregate be reasonably expected to have a material adverse effect on the Company’s business.

Accrued Expenses (Tables)

6 Months Ended

Jun. 30, 2026

Accrued Expenses

Summary of accrued expenses

At June 30, 2026 and December 31, 2025, accrued expenses consist of the following (in thousands):


	As of
	June 30,		December 31,
	2026		2025
Accrued external research and development expense	$	24,580	$	14,205
Accrued payroll and related expenses		20,033		20,114
Accrued professional services expense		9,206		3,829
Accrued other		1,112		1,418
	$	54,931	$	39,566

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities:
Net loss	$ (215,406)	$ (184,754)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	632	810
Amortization of debt discount and debt issuance costs	143	462
Loss on disposal of property and equipment	3	0
Equity-based compensation	37,907	37,846
Accretion of investment securities	(305)	(3,296)
Non-cash operating lease expense	3,059	2,533
Loss on extinguishment of debt	3,337	0
Unrealized foreign currency exchange rate losses	1,253	0
Change in operating assets and liabilities:
Prepaid expenses and other current assets	2,489	(10,053)
Other assets	1,785	(19)
Accounts payable	665	(8,991)
Accrued expenses	14,903	13,053
Operating lease liabilities	(2,873)	(3,207)
Net cash used in operating activities	(152,408)	(155,616)
Cash flows from investing activities:
Purchases of property and equipment	(69)	(486)
Purchases of marketable securities	(68,266)	(79,292)
Sales and maturities of marketable securities	57,500	199,798
Net cash provided by (used in) investing activities	(10,835)	120,020
Cash flows from financing activities:
Proceeds from stock option exercises	16,826	8,126
Proceeds from pre-funded and common warrant exercises	7,148	3,367
Proceeds from sale of common shares, net	160,774	0
Proceeds from debt facility	197,729	0
Payment of debt issuance costs	(2,515)	0
Proceeds from debt refinancing	0	24,668
Payment of long-term debt	(103,058)	(25,520)
Other	0	2
Net cash provided by financing activities	276,904	10,643
Net increase (decrease) in cash, cash equivalents and restricted cash	113,661	(24,953)
Effect of exchange rate on cash, cash equivalents and restricted cash	(97)	0
Cash, cash equivalents and restricted cash, beginning of period	327,334	180,285
Cash, cash equivalents and restricted cash, end of period	440,898	155,332
Supplemental disclosure for non-cash items:
Debt issuance costs in accrued expenses	463	0
Property and equipment purchases in accounts payable & accrued expenses	27	0
Right-of-use assets obtained in exchange for operating lease liabilities	1,297	0
Supplemental cash flow information:
Cash paid for interest	$ 4,398	$ 2,755

Nature of the Business (Additional Information) (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2026 USD ($) Item
Nature of the Business
Collaborative arrangement \| Item	2
Revenues \| $	$ 0

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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+ Details

Segment Reporting

6 Months Ended

Jun. 30, 2026

Segment Reporting

Segment Reporting

3. Segment Reporting

The Company operates and manages its business on a consolidated basis as a single reportable and single operating segment for the purposes of assessing performance and making operating decisions. The Company’s chief executive officer, who is the chief operating decision maker (“CODM”), reviews the Company’s financial information on a consolidated basis for purposes of evaluating financial performance and allocating resources. When evaluating the Company’s financial performance, the CODM regularly reviews net loss. The CODM considers net loss in making decisions on how to allocate resources. Net loss is used to monitor budget versus actual results in an effort to refine forecasts and control costs. The measure of segment assets is reported on the balance sheet as total consolidated assets.

All of the Company’s material long-lived assets are held in the United States and Switzerland. Long-lived assets are comprised of property and equipment and operating lease right-of-use assets. As of June 30, 2026, long-lived assets based in the United States and Switzerland was $8.6 million and $1.2 million, respectively. As of December 31, 2025, all of the Company’s material long-lived assets were held in the United States.

The following table presents significant expense information about the Company’s operating segment (in thousands):


		Three Months Ended June 30,						Six Months Ended June 30,
		2026		2025			2026			2025
Operating expenses:
Employee related expense(1)	$		37,445	$	32,484		$		74,971	$	55,422
External R&D expense - apitegromab			22,948		27,956				43,209		47,257
External R&D expense - SRK-181			9		792				45		1,902
External R&D expense - SRK-439			3,760		2,575				5,519		6,854
External R&D expense - Early research and other			1,610		2,227				2,820		3,682
External expense - G&A			16,597		14,952				32,729		23,895
Other segment items(2)			6,573		6,273				13,082		11,531

Equity-based compensation expense			19,662		24,433				37,907		37,846
Depreciation and amortization expense			297		417				632		810
Loss on disposal of property and equipment			-		-				3		-

Other non-operating expense/(income), net			995		(2,078	)			4,489		(4,445	)

Net loss	$		109,896	$	110,031		$		215,406	$	184,754

(1)

Excludes equity-based compensation expense.

(2)

Consists of other segment expenses related to supplies, corporate and facilities expenses.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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+ Details